What are net exports using the information shown? In billions of dollarsConsumption5,100Investment1,100Transfer payments1,050Government Purchases1,400Exports850Imports950Net foreign factor income20
A. 850
B. ?100
C. 950
D. 100
Answer: B
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One consequence of the asymmetric-information problem in the used car market, if left unresolved, is the higher probability of:
A. New cars being better than used-cars in quality B. A declining quality of used cars in the market C. A rising quality of used cars in the market D. Used-car buyers willing to pay higher prices
Which of the following will not increase a nation's real GDP?
A. number of workers B. average price level C. technological progress D. labor productivity
The laissez-faire approach popular before the Great Depression influenced the U.S. government to see business downturns as: a. natural phases in an otherwise healthy system and to therefore take short-term deficit spending measures to help recovery. b. natural phases in an otherwise healthy system and to therefore wait for recovery to occur naturally
c. serious maladies in an otherwise healthy system and to therefore work to redesign the system to avoid such failure in the future. d. failures of the type of system Adam Smith envisaged and to therefore work to move toward an open economy with free trade. e. failures of the system to achieve the form that Adam Smith envisaged and to therefore work to decrease government interference at the micro level.
For resources with vertical supply curves, earnings comprise of both economic rent and transfer earnings
a. True b. False Indicate whether the statement is true or false